Question

The following are the transactions for the month of July.

		Units		Unit Cost				Unit Selling Price
July 1	Beginning Inventory	53			$	10
July 13	Purchase	265				13
July 25	Sold	(100	)					$	15
July 31	Ending Inventory	218

Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places and your final answers to nearest whole dollar amount.)

Answer 1

FIFO (Periodic)
	Units	Cost per Unit	Total Cost
Opeing Inventory	53	10	530
Purchases	265	13	3445
Goods Available For Sale	318		3975
Cost of Goods Sold
From Beginning Invnetory	53	10	530
From Purchase	47	13	611
Cost of Goods Sold			1141
Ending Inventory	218	13	2834

Sales (100 x 15)	1500
Cost of Goods Sold	1141
Gross Profit	359